Terra Founder Do Kwon Freed in Montenegro

Do Kwon, a South Korean cryptocurrency fugitive, has been released from prison in Montenegro while the Supreme Court considers extradition requests from the United States and South Korea. He was released on March 23, as the Supreme Court suspended a lower court’s ruling to extradite the co-founder of Terraform Labs to South Korea. Kwon is currently facing fraud allegations in both countries due to the collapse of Terra Luna, which caused a loss of around $60 billion in market value in 2022. The prison director, Darko Vukcevic, stated that Kwon was released as his regular prison term for using fake travel documents had ended. Kwon, a foreign citizen, was taken for an interview with the police directorate for foreigners.

The Council of the Supreme Court, which is reviewing the decision on extradition to South Korea, decided to release Kwon. The penalties in South Korea are milder compared to the United States, where prosecutors are seeking to charge Kwon for the $40 billion collapse of the TerraUSD stablecoin in 2022. Kwon’s lawyer, Goran Rodic, confirmed his release, but his passport was held back to prevent him from leaving the country. Later, Kwon was relocated to a shelter for foreigners, and his lawyer plans to appeal to the court for him to remain free until a decision is made on extradition.

The Supreme Court’s action followed a challenge by the chief prosecutor in Montenegro, who highlighted procedural errors in the rulings favoring South Korea’s extradition request. The final decision on extradition to either country is still pending, and no specific timeline has been provided. If Kwon is extradited to the United States, he would likely face eight felony charges filed by prosecutors in March 2023. Kwon and Terraform Labs’ former chief financial officer, Han Chang-joon, were arrested in Montenegro in March 2023 for using falsified travel documents. Both the U.S. and South Korea have filed competing extradition requests to have Kwon face fraud charges in their respective countries. A final decision has not yet been reached.

5 thoughts on “Terra Founder Do Kwon Freed in Montenegro

  1. The final decision on extradition holds significant implications for Kwon’s future. Let’s hope for a fair resolution that serves the interests of justice.

  2. It’s great that Kwon has been relocated to a shelter for foreigners. At least he won’t be in the prison environment anymore.

  3. It’s intriguing to see the differences in penalties between the United States and South Korea. Kwon’s future could drastically change based on the extradition decision.

  4. Wow, Kwon’s release is a hot topic! It’s interesting to see the Supreme Court suspending the lower court’s ruling and reviewing the extradition requests.

  5. Kwon’s release shows that the legal system plays a crucial role in balancing the interests of justice and individual rights. Let’s hope for a fair outcome. ⚖️

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